Admittedly much fewer (on the order of 'a few'). It's also hard to compare, as constants are hidden in big-O. Real performance comparisons between cryptosystems are comparisons of real-world engineering implementations: especially since side channel blinding, exception and case handling, etc need to be taken into effect.

The take away is that this would still be nowhere near as efficient as 'traditional', especially symmetric, encryption. What would be a breakthrough is that presumably the scheme would be orders of magnitude more efficient than current existing theoretical FHE schemes.